Byju’s, a leader in Indian edtech, has received $250 million from current investors, including Qatar Investment Authority, the nation of Qatar’s sovereign wealth fund.
The firm said it was laying off 2,500 people, or 5% of its whole staff, in order to achieve overall profitability by March of next year. This was followed by fresh capital injection.
The edtech company’s founder and CEO, Byju Raveendran, stated that even with the significant challenges posed by the present financial environment, this year until 2023 is expected to be the business’s “greatest year in terms of revenue, growth, and profitability”.
Byju’s stated that it will pursue profitability by the beginning of next year using a three-pronged strategy in order to achieve this. This entails consolidating its K10 subsidiaries in India, shifting its attention to other markets, and maintaining the independence of its Aakash Education and Great Learning divisions.
The business also stated that its test-prep and upskilling divisions, Aakash Education and Great Learning, had experienced revenue growth of double since being acquired.
The news follows a decline in income and expanding losses for Byju’s for its fiscal year 2021.
